Managing Money in Your 30s

A person’s 30s are an important decade for establishing ourselves in our careers, settling into life, and starting a family. Because there are so many new things to experience as a 30-something, it’s a good idea to make sure know how to manage money in your 30s. 

To best prepare for your 40s and beyond, you must develop money managing skills in your 30s.

Start a Retirement Account

Most people don’t plan on working well into their senior years, so it’s a good idea to start saving money for your retirement as soon as possible. There are a couple of retirement account options to look into, and if your employer offers contribution matches, it’s worth taking advantage of that benefit. Whether you choose to open a 401(k) or an IRA-type of account, it’s crucial to prepare for retirement.

Manage Priorities

Managing priorities is a key strategy for how to manage money in your 30s. Spending wisely is a skill that many people in their 30s develop as they start making more money in their careers. Because 30-somethings are on the path towards major financial decisions, like home buying, it’s important to manage the money responsibly. Spend within your means and, save money for emergencies or unforeseeable expenses. It’s better to have money prepared than to rely on high-interest credit cards to cover sudden needs.

How to manage money in your 30s: Prepare for the Future

Accidents happen, no matter how hard we try to be safe. Because life is uncertain, it’s important to prepare for the future by investing in disability insurance and life insurance. With these safety nets, you’ll be able to continue paying your bills and supporting yourself should an unfortunate accident occur.

Because some accidents are of the permanent sort, life insurance is also an important investment to make. By paying life insurance premiums, you can make sure that your family or loved ones are provided for if the unthinkable should happen. 

Your 30s should be a combination of personal development and pleasant experiences. How to manage money in your 30s is about finding a balance between enjoying life and preparing for the future, you can help pave the way for a comfortable life as you approach retirement.